Earlier this month I got the chance to present to hundreds of shippers, 3PLs and other industry stakeholders at the Terminal Operators Conference (TOC) Asia event in Singapore. I spoke to NYSHEX's progress thus far and our future trajectory, then I participated in a panel on digital innovation. The crowd engagement was so high that I wish we had had another hour for just the Q&A. These are the main question themes raised at TOC Asia and the ones I hear wherever I go.
There are plenty of platforms and digital solutions available now in the industry. What makes one stand out from another?
There are indeed many digital solutions in the market - booking platforms, forward contracting, digital forwarding, digital marketplaces - you name it. Just because something is digital, doesn’t mean it adds value or solves a pain point. Therefore, many are skeptical and overwhelmed in today’s logistics environment which has seen unprecedented venture capital injections from firms outside of the industry.
At NYSHEX, we have a lot of features that make current processes more efficient, but our mission is unlike any other in our industry. We fix the brokenness of contracting. Today, ocean contracts are not enforceable and getting a booking doesn’t mean you get on a ship and depart on time. Furthermore, getting a quote can take days, it is difficult to compare one carrier’s ocean quote to another’s, and there is no certainty as to what your rate will be when the ships get full. At NYSHEX, we address all these challenges by providing shippers with a transparent, guaranteed contract that is backed by financial penalties if breached. The great news is that, across tens of thousands of containers, these contracts remain 98% reliable! That’s a number unrivaled in our industry.